Rivera attention summary judgments and only Nationwide Home loans, Inc

From inside the 1998 , the Texas Structure try amended so that property owners so you can willingly encumber its homesteads with liens in exchange for extension from borrowing, we

Wilfredo RIVERA and Ines Del C. Rivera , Appellants v. Countrywide Lenders, INC. , Landsafe Appraisal Services, Inc. , and Shirley Burchett , Appellees .

Kirsten Meters. Castaneda , James M. Wortman , Robert T. Mowrey , Don C. Clayton , Locke Lord Bissell & Liddell LLP , Dallas, Jennifer Pettit , Gay, McCall, Isaacks, Gordon, Could possibly get & Roberts, P.C. , Plano, getting appellees .

Wilfredo and you may Ines Del C. , Landsafe Assessment Functions, Inc. , and Shirley P. Burchett . Within the 9 things, brand new Riveras complain the fresh new demonstration court erred during the granting conclusion wisdom into restrictions, giving zero facts movements to possess sumages, giving Burchett conclusion wisdom with the Riveras’ claim out-of fraudulent misrepresentation, and you can awarding attorney’s charge in order to Burchett. We affirm in part and you will opposite and you will provide to some extent.

e., “family collateral loan.” TEX. CONST. art. XVI, 50 (a) (6) (A) – (Q) . ” TEX. CONST. art. XVI, 50 (a) (6) (B) .

The loan was to end up being shielded by their homestead. Nationwide contacted a subsidiary, Landsafe, to obtain an assessment of the house. Landsafe consequently questioned Burchett carry out the appraisal. Burchett appraised the fresh reasonable market value of the property in the $350,000 since the latest closure go out. Countrywide loaned new Riveras $280,000, eighty percent of one’s $350,000 fair market value assessment. At closing, the fresh new Riveras received a duplicate off Burchett’s appraisal. They were in addition to considering and you can closed an enthusiastic “Receipt concerning Reasonable Market value from Homestead Possessions” stating the brand new fair market price of the house at the time of brand new closing big date was $350,000. One receipt, in addition to signed because of the Countrywide, claims the financial institution “has no training otherwise cause to believe that fair sector property value the Homestead Property manufactured in that it written receipt is completely wrong,” plus the lender’s acknowledgment of $350,000 fair market value of the property at the time of the newest closure go out for every single new appraisal research. As part of the mortgage data files in the closing is actually a review assessment gotten from the Countrywide and Landsafe prepared by Jeff McGregor, Jr. So it assessment shown this new $350,000 reasonable market value from the Burchett featured exaggerated together with reasonable market value of the house is anywhere between $261,040 and $293,580. A good “Home Equity Notice Tx Household Guarantee Shelter Appliance (First Lien) ” has also been done contemporaneously into the household security mortgage.

The fresh Riveras dropped behind within their mortgage costs, in addition to property was planned getting property foreclosure of the trustee is the reason revenue within 5000 loans Owens Cross Roads the , whenever you are talking-to neighbors John “Patrick” Bain, Wilfredo Rivera read Bain are a keen appraiser regarding the mortgage business. Bain reviewed the Riveras’ financing documents and you may delivered McGregor’s remark assessment to Wilfredo’s appeal.

In 2001 , the Riveras requested financing out of Countrywide

Within their amazing petition, the fresh Riveras insist common law reasons for action against Countrywide, Landsafe, and Burchett to possess carelessness, fraud, and conspiracy, looking to damage getting mental pain and you can out-of-pocket will set you back. step 1 Likewise, this new Riveras allege Countrywide broken blog post XVI, area fifty (a) (6) (B) of the Texas Composition by the financing over eighty % out-of the newest fair market value of homestead possessions. 2 In the course of the new Riveras’ mortgage closing, the newest forfeiture supply of the property guarantee constitutional provision mentioned this new lender otherwise any manager of the note having a house equity loan

shall forfeit the principal and you may desire of expansion off borrowing from the bank if for example the bank or manager doesn’t comply with the fresh lender’s otherwise holder’s loans beneath the extension regarding borrowing within this a reasonable big date following lender or holder is notified from the debtor of lender’s failure to help you follow.